U.S. New-Home Sales Increase as Prices Climb to Record High
- Number of homes available highest in 13 years; 28% not started
- Median sales price of a new home jumped to record $407,700
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Sales of new U.S. homes edged up in October, reflecting stabilizing demand even as builders face supply-chain disruptions and buyers grapple with rising prices.
Purchases of new single-family homes increased 0.4% to a 745,000 annualized pace following a downwardly revised 742,000 in September, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 800,000 rate.